Italy 40 (IT40) Resumes Upward Move, Attempts to Retest 18000 Resistance

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Key Resistance Zones: 24000, 25000, 26000
Key Support Zones: 22000, 21000, 20000

Italy 40 (ITA40) Long-term Trend: Bullish

Italy 40 was in a downward move as the index fell to level 17027. The ITA40 has been facing resistance at level 18000. The bulls have been repelled on three occasions at the resistance without breaking above it. The price is now rising to retest the overhead resistance at 18000. This has been the market scenario since March 25.

Daily Chart Indicators Reading:
Italy 40 downward moves have been exhausted as price found support above 21-day SMA. A bullish candlestick is rising above 21-day SMA to retest the overhead resistance. The market has fallen to level 49 of the Relative Strength Index. It indicates that the price is in the uptrend zone and above the centerline 50.

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in ascending channel. The price is making a series of higher highs and higher lows. Presently, price has fallen to the support line, there is a tendency for price to rise to revisit the higher highs. The upward move has also been resisted at level 18000.

4-hour Chart Indicators Reading
The index is below 20% range of the daily stochastic. The price has fallen to the oversold region. The stochastic bands are making U-turn upward. This is in line with the price action.Buyers are likely to emerge in the oversold region.

General Outlook for Italy 40 (ITA40)
Italy 40 is in a sideways move below the resistance at 18000. The market has been in a sideways move as bulls fail to break the level 18000. On the upside, if the market rebounds at the current low, the 18000 resistance will be breached. The momentum will extend to level 19000.

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